EXHIBIT 8.1

SUBSIDIARIES OF COSTAMARE INC.

The
following companies are subsidiaries of Costamare Inc. as of February 15,
2012.

|                                  |  |                                |  |                                  
|--------------------------------- |  | ------------------------------ |  | ---------------------------------
|Name of Subsidiary                |  | Jurisdiction of
 Incorporation |  | Proportion of
 Ownership Interest
|                                  |  |                                |  |                                  
|MERIN
 SHIPPING CO.               |  | Liberia                        |  | 100%                             
|LYTTON
 SHIPPING CO.              |  | Liberia                        |  | 100%                             
|NIGEL
 SHIPPING CO.               |  | Liberia                        |  | 100%                             
|VENOR
 SHIPPING CO.               |  | Liberia                        |  | 100%                             
|LEGE
 SHIPPING CO.                |  | Liberia                        |  | 100%                             
|SIMS
 SHIPPING CO.                |  | Liberia                        |  | 100%                             
|DENOR
 SHIPPING CO.               |  | Liberia                        |  | 100%                             
|BURTON
 SHIPPING CO.              |  | Liberia                        |  | 100%                             
|FLOW
 SHIPPING CO.                |  | Liberia                        |  | 100%                             
|MERTEN
 SHIPPING CO.              |  | Liberia                        |  | 100%                             
|RAY SHIPPING
 CO.                 |  | Liberia                        |  | 100%                             
|MIKO
 SHIPPING CO.                |  | Liberia                        |  | 100%                             
|CORNAS
 SHIPPING CO.              |  | Liberia                        |  | 100%                             
|MERA
 SHIPPING CO.                |  | Liberia                        |  | 100%                             
|DOURO
 SHIPPING CO.               |  | Liberia                        |  | 100%                             
|GRAPPA SHIPPING
 CO.              |  | Liberia                        |  | 100%                             
|LANG
 SHIPPING CO.                |  | Liberia                        |  | 100%                             
|DINO
 SHIPPING CO.                |  | Liberia                        |  | 100%                             
|COSTIS
 MARITIME CORPORATION      |  | Liberia                        |  | 100%                             
|CHRISTOS
 MARITIME CORPORATION    |  | Liberia                        |  | 100%                             
|ACHILLEAS
 MARITIME CORPORATION   |  | Liberia                        |  | 100%                             
|FASTSAILING
 MARITIME CO.         |  | Liberia                        |  | 100%                             
|KALAMATA
 SHIPPING CORPORATION    |  | Liberia                        |  | 100%                             
|NAVARINO
 MARITIME CORPORATION    |  | Liberia                        |  | 100%                             
|MARINA
 MARITIME CORPORATION      |  | Liberia                        |  | 100%                             
|COSTACHILLE
 MARITIME CORPORATION |  | Liberia                        |  | 100%                             
|ANGISTRI
 CORPORATION             |  | Liberia                        |  | 100%                             
|TAKOULIS
 MARITIME CORPORATION    |  | Liberia                        |  | 100%                             
|FANAKOS
 MARITIME CORPORATION     |  | Liberia                        |  | 100%                             

---



|                                  |  |                                |  |                                  
|--------------------------------- |  | ------------------------------ |  | ---------------------------------
|Name of Subsidiary                |  | Jurisdiction of
 Incorporation |  | Proportion of
 Ownership Interest
|                                  |  |                                |  |                                  
|MARVISTA
 MARITIME INC.           |  | Liberia                        |  | 100%                             
|SEA ELF
 MARITIME INC.            |  | Liberia                        |  | 100%                             
|HONAKER
 SHIPPING COMPANY         |  | Liberia                        |  | 100%                             
|CAPETANISSA
 MARITIME CORPORATION |  | Liberia                        |  | 100%                             
|WEST END
 SHIPPING CO. LTD.       |  | Liberia                        |  | 100%                             
|RENA
 MARITIME CORPORATION        |  | Liberia                        |  | 100%                             
|ALEXIA
 TRANSPORT CORP.           |  | Liberia                        |  | 100%                             
|CARAVOKYRA
 MARITIME CORPORATION  |  | Liberia                        |  | 100%                             
|MARATHOS
 SHIPPING INC.           |  | Liberia                        |  | 100%                             
|BULLOW
 INVESTMENTS INC.          |  | Liberia                        |  | 100%                             
|MONTES
 SHIPPING CO.              |  | Liberia                        |  | 100%                             
|KELSEN
 SHIPPING CO.              |  | Liberia                        |  | 100%                             
|MAS SHIPPING
 CO.                 |  | Liberia                        |  | 100%                             
|GUILDMORE
 NAVIGATION S.A.        |  | Liberia                        |  | 100%                             
|VOLK
 SHIPPING CO.                |  | Liberia                        |  | 100%                             
|URIZA
 SHIPPING CO.               |  | Liberia                        |  | 100%                             
|DAVIES
 SHIPPING CO.              |  | Liberia                        |  | 100%                             
|ERIN
 SHIPPING CO.                |  | Liberia                        |  | 100%                             
|BROOKES
 SHIPPING CO.             |  | Liberia                        |  | 100%                             
|IDEA
 SHIPPING CO.                |  | Liberia                        |  | 100%                             
|DOME
 SHIPPING CO.                |  | Liberia                        |  | 100%                             
|RONDA
 SHIPPING CO.               |  | Liberia                        |  | 100%                             
|ROYCE
 SHIPPING CO.               |  | Liberia                        |  | 100%                             
|MABEL
 SHIPPING CO.               |  | Liberia                        |  | 100%                             
|WARRICK
 SHIPPING CO.             |  | Liberia                        |  | 100%                             
|CONVEY
 SHIPPING CO.              |  | Liberia                        |  | 100%                             
|SIMONE
 SHIPPING CO.              |  | Liberia                        |  | 100%                             
|CAGNEY
 SHIPPING CO.              |  | Liberia                        |  | 100%                             
|MADELIA
 SHIPPING CO.             |  | Liberia                        |  | 100%                             
|ADELE SHIPPING
 CO.               |  | Liberia                        |  | 100%                             
|BASTIAN
 SHIPPING CO.             |  | Liberia                        |  | 100%                             
|CADENCE
 SHIPPING CO.             |  | Liberia                        |  | 100%                             
|EDITH
 SHIPPING CO.               |  | Liberia                        |  | 100%                             

---



|                      |  |                                |  |                                  
|--------------------- |  | ------------------------------ |  | ---------------------------------
|Name of Subsidiary    |  | Jurisdiction of
 Incorporation |  | Proportion of
 Ownership Interest
|                      |  |                                |  |                                  
|DAINA
 SHIPPING CO.   |  | Liberia                        |  | 100%                             
|GAVIN
 SHIPPING CO.   |  | Liberia                        |  | 100%                             
|FAY SHIPPING
 CO.     |  | Liberia                        |  | 100%                             
|HALEY
 SHIPPING CO.   |  | Liberia                        |  | 100%                             
|IDRIS
 SHIPPING CO.   |  | Liberia                        |  | 100%                             
|JODIE
 SHIPPING CO.   |  | Liberia                        |  | 100%                             
|KAYLEY
 SHIPPING CO.  |  | Liberia                        |  | 100%                             
|MANSEL
 SHIPPING CO.  |  | Liberia                        |  | 100%                             
|NICKY
 SHIPPING CO.   |  | Liberia                        |  | 100%                             
|ODETTE
 SHIPPING CO.  |  | Liberia                        |  | 100%                             
|PERCY
 SHIPPING CO.   |  | Liberia                        |  | 100%                             
|LEROY
 SHIPPING CO.   |  | Liberia                        |  | 100%                             
|UNDINE
 SHIPPING CO.  |  | Liberia                        |  | 100%                             
|TERANCE
 SHIPPING CO. |  | Liberia                        |  | 100%                             
|QUENTIN
 SHIPPING CO. |  | Liberia                        |  | 100%                             
|RAYMOND
 SHIPPING CO. |  | Liberia                        |  | 100%                             
|SANDER
 SHIPPING CO.  |  | Liberia                        |  | 100%                             
|VIRNA
 SHIPPING CO.   |  | Liberia                        |  | 100%                             

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